Real Estate Investor Magazine South Africa October 2018 | Page 60

INVESTOR INTELLIGENCE
Understanding tenant needs
How flexible floorplan options are
changing property investment 
BY IRENE BAILEY
L
iving in the proverbial ‘global village’ places us in touch
with influences from other parts of world and the im-
pact can be life-changing. This is also true for how we
imagine our perfect living space to be.
According to George Radford, Head of IP Global’s Africa
division, rapid urbanisation and urban renewal has given rise
to smaller homes, usually apartments, which provides its own
set of unique space challenges.
Radford explains that developers have responded to the
urbanisation, regeneration and urban renewal trends by
building flexi units, spaces which are highly adaptable.
“The greatest desire that residents have for their homes is to
have a living space that truly reflects their style and their needs.
To this end, developers are creating flexi units, spaces that have
set sleeping areas but also include an area that can be used as
a second sleeping area or converted into an extension of the
unit’s living space,” he adds.
He says that these flexi units draw inspiration from a
Japanese influence- washitsu, or “tatami rooms” in English.
“These rooms are malleable spaces which feature sliding
doors, called fusuma, which can be retracted to create a large
open space through the home or closed to create private living
areas. This concept allows home owners to create the spaces
that they need in the moment, rather than having unusable
areas of their home,” says Radford.
This gives investors the options of maximising the space
in a clever and inspired way that would appeal to different
prospective tenants.
“This style of floorplan is very attractive to people who are
looking into the property market for investment purposes
because it allows the unit to be adjusted based on the tastes
and needs of the current tenant,” says Radford. 
Having the right floor plan and bedroom type can shape
how your tenant experiences the property and allows investors
to maximise their property investment by appealing to many
different potential tenants, Radford adds.
Students, young professionals and families all have different
needs and lifestyles, which are reflected in how they shape
their home.
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OCTOBER/NOVEMBER 2018 SA Real Estate Investor Magazine
Different types of tenants’ requirements:
• Students usually live communally, often with friends, and
will require their own bedrooms for privacy, but also living
spaces that will allow them to socialise.
• Professionals usually don’t mind living in a studio or one-
bedroom apartment since they don’t spend much time in
their living spaces. This is largely due to their lifestyles,
their jobs and social lives – all of which may keep them out
of the home for long periods of the day.
• Couples  usually want to live in one or two-bedroom
apartments. They are the favoured tenants for many
landlords, as their two income streams help to ensure
a guaranteed rental income more easily than a single
occupant. This increases confidence and security for the
investors/landlords.  
• Families  may favour two or three-bedroom apartments
with a decent amount of open space that kids can run
around in. Any extra rooms are likely to be used for storage
to help maintain tidiness. These larger sized units are also
helpful for when family or friends visit the tenants.   
 “Flexi units are gaining popularity in new-builds, as they
offer residents flexibility and adaptable living arrangements.
These units offer residents a versatile multipurpose space,
which they can alter as their living needs change or evolve,”
says Radford.
  Whether the space is needed for a guest room, study,
nursery or large walk in closet, flexi units provide numerous
options to tailor a home to individual requirements. Students,
professionals, couples, and even families are suitable to live
in this type of unit, particularly those who are looking for
affordability and value.
  “When considering what type of property to invest in,
rentability is an important factor. A flexible floorplan and
adaptable living space can attract a large variety of tenants,
which improves rentability and may be worth paying a bit
extra for,” concludes Radford.